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Anthropic's over 300 page S-1 filing earlier this week contained a lot of information. It was the most comprehensive public statement to date about how a pure-play AI lab makes its money.

After the prospectus went live on Monday, my U.S.-based colleagues and I went through it with a fine-tooth comb , detailing everything from revenue and risks to competitors and computing costs.

The filing also revealed that CEO Dario Amodei and his six co-founders each own over 200 million shares, which could be worth billions if Anthropic hits the over $1 trillion valuation it's expected to.

But despite all the nuggets, a few big questions remain.

Anthropic's logo is displayed on a smartphone, with a page from the company's website about its IPO filing in the background, in Creteil, France, on October 27, 2026.

Samuel Boivin | Nurphoto | Getty Images

Revenue

Anthropic reported its cost of revenue as $2.38…